Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Dec 18, 2013 |
signed chap.542 |
Dec 06, 2013 |
delivered to governor |
Jun 18, 2013 |
returned to senate passed assembly ordered to third reading rules cal.387 substituted for a7829a referred to insurance delivered to assembly passed senate ordered to third reading cal.1451 committee discharged and committed to rules |
May 14, 2013 |
referred to insurance |
Senate Bill S5236
Signed By Governor2013-2014 Legislative Session
Sponsored By
(R, C, IP, RFM) Senate District
Archive: Last Bill Status - Signed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
2013-S5236 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A7829
- Law Section:
- Insurance Law
- Laws Affected:
- Amd ยง5402, Ins L
2013-S5236 (ACTIVE) - Sponsor Memo
BILL NUMBER:S5236 TITLE OF BILL: An act to amend the insurance law, in relation to the joint underwriting association PURPOSE OR GENERAL IDEA OF BILL: The purpose of this bill is to amend the insurance law to reduce the administrative burden of having NYPIUA report to the Department of Financial Services (DFS) on an annual basis regarding the number of broad form policies written by the association as well as reduce the burden of the DFS to report annually to the Gover- nor and Legislature. SUMMARY OF SPECIFIC PROVISIONS: This bill would amend section 5402 of the insurance law to require NYPIUA to report to the Department of Financial Services regarding the number of broad form policies written at the end of NYPIUA's ten year authority to write such policies rather than on an annual basis. The bill would also require DFS to report to the Governor and the Legislature no later than January 1st, 2018, regarding the number of policies issued, including any recommendations as to the continuation of such offerings. JUSTIFICATION: In 2008, NYPIUA was given the authority to offer broad form coverage (DP-2) on personal dwelling and tangible personal property for a period of five years in addition to basic form (DP-1) that covers property damage from fire and other basic perils. The broad form policy covers damage from falling objects; weight of ice, snow or sleet; acci-
2013-S5236 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5236 2013-2014 Regular Sessions I N S E N A T E May 14, 2013 ___________ Introduced by Sen. SEWARD -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance AN ACT to amend the insurance law, in relation to the joint underwriting association THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsection (g) of section 5402 of the insurance law, as amended by section 1 of part W of chapter 55 of the laws of 2013, is amended to read as follows: (g) In addition to fire insurance, extended coverage, coverage for additional perils and homeowners insurance should the same be made available through the association in accordance with a determination of necessity pursuant to section five thousand four hundred twelve of this article, the association may offer broad form coverage to applicants seeking to insure real property at fixed locations of this state, or the tangible personal property located thereon. The association may offer broad form coverage for a period of ten years beginning on June thirti- eth, two thousand eight. [The] ON OR BEFORE OCTOBER FIRST, TWO THOUSAND SEVENTEEN THE superintendent shall require the association to report to him or her [annually during that ten-year period] as to the number of policies written pursuant to this subsection and paragraph three of subsection (f) of section five thousand four hundred five of this arti- cle [in the previous year], and any other information the superintendent may require. [The superintendent shall then report to the governor and the legislature regarding the number of policies issued pursuant to this subsection and such paragraph annually for the first nine years such coverage is offered.] On or before January first, two thousand eighteen, the superintendent shall [make a final, cumulative] report to the gover- nor and the legislature [which] REGARDING THE NUMBER OF POLICIES ISSUED PURSUANT TO THIS SECTION AND SUCH PARAGRAPH AND shall include recommen- dations as to the continuation of such insurance offerings. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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